Bitcoin

<p>The crypto market, with a total capitalization of around $1.08 trillion, finds itself in a tense state of anticipation towards October, which has been historically the most robust month for Bitcoin with average returns of over 20%, <a href="https://www.matrixport.com/institutions/research/matrix-on-target/707" rel="noopener noreferrer nofollow">according to</a> Singapore-based digital assets ecosystem firm Matrixport.</p><h2 id="header-0">Technical struggles</h2><p>Meanwhile, Bitcoin (BTC) has been unable to breach the $27,400 mark, facing formidable resistance and failing to surpass its 50-day moving average. From a purely technical standpoint, the situation for Bitcoin appears bearish. The corrective rebound in BTC has concluded, with prices falling below key moving averages and short-term oversold conditions correcting themselves.</p><p>This technical analysis reflects the cautious stance adopted by financial markets globally ahead of pivotal monetary policy decisions in countries like the US, Switzerland, the UK, and Japan.</p><h2 id="header-1">Mining difficulty increase</h2><p>Another notable development in the world of Bitcoin is the recent 5.48% increase in<a href="https://bitcoinist.com/bitcoin-hashrate-all-time-high-difficulty-up-5-5/" rel="noopener noreferrer nofollow"> mining difficulty</a>, bringing it to 57.12 T. This surge in mining difficulty is indicative of the ongoing robustness of the Bitcoin network, with the 7-day moving average reaching a substantial 423.4 EH/s, as reported by Glassnode.</p><p>The leading cryptocurrency has a number of challenges and regulatory uncertainties that it must wrestle with currently.</p><p>The regulatory issues at leading global crypto exchange Binance represent one of those challenges. Trading volumes on the Binance exchange have plummeted by 57% over the past week, driven by users seeking refuge on platforms yet to be subjected to regulatory crackdowns. Meanwhile, a court decision opted against ordering Binance’s US unit to provide the Securities and Exchange Commission (SEC) in the United States with further customer fund information, encouraging collaboration between the parties.</p><p>Spot Bitcoin exchange-traded funds (ETFs) are another area where the market anticipates a resurgence in the cryptocurrency space, driven by a wave of applications to launch spot Bitcoin ETFs. This development, according to Matrixport, has the potential to be a catalyst for Bitcoin’s growth should a spot BTC ETF be approved. The leading digital currency’s market dominance is currently approaching 50%.</p><p>Meanwhile, the announcement of a new Bitcoin fund by Laser Digital Asset Management, a subsidiary of Japan’s largest investment bank and brokerage group, Nomura, has been interpreted as bullish news. Laser Digital has introduced a Bitcoin fund targeting long-term institutional investments, further demonstrating the growing institutional interest in cryptocurrencies.</p><p>Further good news has emerged via Citigroup in the United States, which has launched Citi Token. The offering leverages blockchain technology and smart contracts for business-to-business payments and trade finance, reinforcing the adoption of blockchain within the financial industry.</p><h2 id="header-2">Divergent Predictions</h2><p>Although Matrixport’s outlook is bullish, it comes amidst a backdrop of regulatory developments and technical challenges, with analysts offering contrasting outlooks for Bitcoin’s future. Matrixport projects a bullish fourth quarter for Bitcoin, citing historical trends of strong performance during this period. It anticipates potential gains of up to $37,000 by year-end.</p><p>Mike Novogratz, the Founder of crypto-focused financial services firm Galaxy Digital, envisions Bitcoin reaching $500,000 by 2024, fueled by increased adoption and maturation of the crypto market.</p>

Matrixport Bullish Despite Bitcoin’s Price Standoff

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